Mini Statement: How to Acquire a Bank Mini Statement

It is cumbersome to remember and record the details of every banking transaction for an individual on an everyday basis, while it is important to know the same. Fortunately, it is the least of your worries, as mini statements help track your bank account's latest transactions and inform you about your current bank balance. This article will brief you on how mini statements work, what they mean, how you can obtain them, and what differentiates them from bank statements.

What purpose does a mini statement serve? 

A mini statement or a bank mini statement helps you review the last few transactions in your bank account. Mini statements aren't different from bank statements, which provide the list of transactions carried out in your account in a month or a year.

There are several ways of getting a mini statement, including getting it via SMS and mobile banking. Let us examine each of these methods to understand them better.

1. Mini statement in ATM

To get a mini statement at an ATM, follow these steps.

• Insert your card
• Select your preferred language
• Enter your 4-digit ATM PIN
• Select the 'Mini Statement' option

2. Mini statement via a missed call

A mini statement can also be collected by giving a missed call to a number communicated to you by your bank. Here are the steps to be followed.

• Find your bank's assigned missed call number to get a mini statement.
• Send a missed call to the number.
• Check your phone for an SMS with your mini statement attached.

3. Mini statement via an SMS

Another convenient way of receiving a mini statement on your phone is by sending an SMS to the bank via your registered mobile number. The following are the steps involved.

• Find out the SMS keyword provided by your bank.
• Type the SMS and send it to the assigned number.
• Check your phone for an SMS with your mini statement attached.

IDFC FIRST Bank's SMS banking services range from checking your current bank balance to getting your mini statement. You can also request a new chequebook or block your debit card completely via SMS.

4. Mini statement through net banking

Online banking offers the most convenient way to retrieve your account statement. Follow the steps below to fetch your account mini statement.

· Log into your net banking account

· Visit the account details section

· Choose your savings account; you should find the mini-statement option here

· Click on the mini statement option and choose the duration for which you need the account details

· You will see the details account statement

5. Mini statement via WhatsApp banking

If you have registered for WhatsApp banking in your IDFC FIRST Bank account, you can retrieve your mini statement via WhatsApp without any hassles. Follow these steps –

· Open WhatsApp on your mobile phone

· Send ‘Hi’ on 95555 55555

· You will receive a reply that mentions bank account queries

· Select the mini statement query or option '2’ and- click ‘Send’

· You will get the details of your transactions in the conversation

6. Mini statement by mobile banking

Like net banking, you can also use the mobile app to retrieve your mini statement. Use the following ways to get your bank account mini statement.

· Open your mobile banking app on your smartphone

· Navigate to the account details section

· Choose your savings account, you can see the mini-statement option 

· Tap on the mini statement option and choose the duration for which you need the account details

· You will see the details account statement

Mini statements vs Bank statements
A mini statement is a type of bank statement. A bank statement includes the account holder's name, registered mobile number, residential address, account details such as type, total balance, and the transaction history spanning (typically) a month or a year. The customer has to visit the bank's branch to obtain a bank statement. Here are some differences between a bank statement and a mini statement.

• A bank statement provides a list of all transactions made through a bank account over a fixed period, usually a month or a year. On the other hand, a mini statement gives you a list of the last few transactions made using your bank account.
• Customers can define the statement period – the period for which they want to see the transactions made on a bank account. In contrast, the statement period of a mini statement is already predetermined.
• Bank statements collected by visiting your bank are chargeable, while those collected via Internet/mobile banking are free. On the other hand, getting a mini statement is free of cost, regardless of how you choose to receive it.

Advantages of mini statement services

Mini statements help you check your recent transactions and monitor your account better. Here are the key advantages of mini statement services.

· As an account holder, you can conveniently check your recent transaction without having to visit the bank and stand in a queue.

· The service is available round-the-clock so you can get your transaction details on the go anywhere anytime.

· Since there are several ways to retrieve bank account mini statements, you don’t need an active internet connection every time you wish to check your transaction.

· The service is free of charge, and you don’t need to pay any amount to download a mini statement. IDFC FIRST Bank offers over 28 free banking services in addition to mini statements to enhance your savings.

· There are no upper limits to using the mini statement services. You can download your bank account statement any number of times.

· You don’t need to have a smartphone to get the mini statements. You can retrieve the details of your transactions through ATMs, SMS, calls, etc.

· Using the mini statement regularly, you can monitor your account better and check your extra expenses.  

· Also, you can save time on the manual passbook printings for overseeing transactions at the bank branch. 

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.